Reliance Power Share Price Plummets after Supreme Court Ruling
๐๐ฅ Industry tycoon Anil Ambani faced a major setback on Wednesday as the Supreme Court cancelled the Rs 8,000 crore arbitration order. The decision favored Delhi Airport Metro Express Private Limited, a unit owned by Anil Ambani’s Reliance Infrastructure. Following the cancellation of the tribunal’s order, there has been a sharp decline in the shares of Reliance Infra and Reliance Power.
After the Supreme Court’s decision to cancel the Rs 8,000 crore arbitration order, there has been a significant drop in the shares of companies owned by Anil Ambani. The share price of Reliance Infrastructure has plummeted by 20% to Rs 227.40. The company’s share closed at Rs 284.20 on Tuesday. Additionally, Reliance Power’s share has hit a 5% lower circuit, dropping to Rs 28.34.
The Supreme Court upheld the Delhi Metro Rail Corporation’s decision regarding patent invalidity on Tuesday. Chief Justice D.Y. Chandrachud-led bench stated that the amount deposited by the DMRCL will be refunded. Any amount paid by the petitioner as part of the security will have to be returned. The Supreme Court has kept its decision secure and approved the DMRCL’s curative petition.
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